New Delhi, Jun 26: With looming uncertainty and no likelihood of an early economic recovery in sight, the bull run in gold prices is here to stay. Analysts expect domestic futures to touch ₹ 52,000 per 10 grams in the next few months, till Diwali.
Experts also predict that with the current trend, gold may reach historic levels around ₹ 65,000 per 10 grams in two years time.
Futures of the yellow metal have touched new highs in India off late. On Wednesday, the August contract of gold futures on the Multi-Commodity Exchange (MCX) touched an all-time high of Rs 48,589 per 10 grams.
It has, however corrected since and is currently trading at ₹ 48,057 on the MCX, higher by ₹ 116 or 0.24 per cent from its previous close.
Market experts are of the view that both domestic and international gold prices are yet not done breaching records and will touch new highs in days to come.
The resurgence in the number of new cases of coronavirus infection across the globe has added to the uncertainty and fears.
Speaking to media persons, Anuj Gupta, DVP for Commodities and Currencies Research at Angel Broking, noted: "In short term we are expecting it to reach ₹ 48,800-49,000 and for long term, we are expecting ₹ 51,000-Rs 52,000 till Diwali."
On the prices in the international market, he said that it may reach around $1,790 per ounce in the near term from the current levels of $1,762 and the long term, it is likely to be around $1,820-1,850 per ounce.
Gupta noted that with International Monetary Fund's (IMF) latest downward revision of economic outlook, both global and of India, and the rising number of cases and high demand by gold exchange traded funds (ETF) have led to this record breaking rise in gold prices.
Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, according to the IMF and the global output is projected to decline by 4.9 per cent in 2020, 1.9 percentage points below the IMF's April forecast.
Hareesh V, Head of Commodity Research at Geojit Financial Services, said that gold's safe haven appeal will remain on the higher side as there is little hope of a quick global economic recovery amid rising virus cases across the world.
"Increased geopolitical instability and an under-performing dollar also lift the metal's sentiments," he added.
According to Prathamesh Mallya, AVP Research, Non-Agro Commodities & Currencies at Angel Broking, said that with the global output to contract and the economies in a deeper recession than most anticipate, gold as an asset class is a safe bet for investors across the globe.
"Although, the physical demand has declined drastically due to the restrictions and lockdowns, the activity of global central banks and their net purchases of gold signal that uncertainty will continue for most of 2020," he said.
He was also of the view that in the international market price of the metal may move towards $1,850 per ounce and in the domestic market it is likely to move higher towards Rs 50,000 per 10 grams.
"The investment demand as seen in the net additions of ETF holdings also signals that gold will shine for a much longer time even if the pandemic is under control. Till then, keep buying gold, if not in physical form, but in digital form," Mallya added.
Industry insiders like Aditya Pethe, Director, WHP Jewellers said: "I basically feel that the current trend for the gold is bullish and for the coming next 2 years, it is likely to move upwards. No one can predict the exact price as currently the trend is on rise but it might change after 6 months. In general for the coming 6 months to one year, the gold prices are likely to cross $2,000 which comes to roughly Rs 55,000. For a temporary moment it may reduce, basically fluctuate as well but overall trend of gold is going to be bullish."
On his part, Ishu Datwani, Founder, Anmol Jewellers said: "Yes - it's very likely that the gold price could easily go up to Rs 60,000-Rs 65,000 in the next two years. There is also a possibility of it going up even more."
"A lot of banks have been buying gold and there is also a possibility that the Indian rupee will depreciate against the dollar. This and geopolitical reasons will cause bullishness in gold."
Comments
I hail from a traditional Brahmin family in Karnataka. My entire family was part of RSS. I was also an RSS Karyakartha. The only aim of our lives was to demolish Babri mosque and build ram mandir. (I don’t know what is their aim today because I am no more in touch with them). Today I am a Muslim. Alhamdulillah. Years ago I embraced Islam. Though Muslim society in general has no role in my conversion to Islam, I was really impressed by some Muslim friends, their character, their language etc. However, in recent years I am observing a change in the attitude of many Muslims. They are adopting the tactics and language of Sangh Parivar. They love to abuse and mock others. They can go to any extent to justify their crimes. To be frank such Muslims are working as a great wall between Islam and non-Muslims. The number of such arrogant and uncultured people is very small in Muslim community. However their presence in social media is very strong. It’s high time such Muslims change their attitude and realise that their real responsibility. Those who resort to foul language and post provocative comments have no moral right to fight Snagh Pariavar because they are also doing the work of Sangh Parivar despite being in Muslim community. Let me also remind those hardliners that the biggest jihad for a true muslim will be against his own nafs, not against any parivar.
Imapartial?! Good joke bro. What CD did ? just hided the acts of RSS and highlighted SDPI here, shame to joiurnalism!! This is called Pimp Journalism, not impartial, understand it.
Some of the comments here show how intolerant people they are. One person is calling a murder victim a terrorist. Then what about murderers? I think the one who wrote comment in Kannada is a member of Boko Haram.
Why you people are targeting SDPI if they make wrong they will get but what about RSS , when they killed humanitarian & make problem for Innocent People why you people are not open your Heart & talk againts RSS.
Why you people are targeting SDPI if they make wrong they will get but what about RSS , when they killed humanitarian & make proble for innocent people why you people are not open you Heart 7 talk.
What do you mean by that? SO you are uneducated dumb fellow ? U dint study in Madrasa? U know what people will learn in Madrasa> what rubbish ? You are the agents of RSS goons? shame on you to use such words on Madrasa?
I dont find anything wrong in that reply. words might be fouls. But its nothing in front of the Pimp journalism you used to blame SDPI, Dont u have shame guys?
Why you are linking Islam to those who killed somebody? thats just killers, consider them as Killers only, but not Islam. shame on you to use such words like sanghis to blame Islam.. You are the one who is in CDs Manuvadi "Bhat"? Because only such people can aser like this.. Shame on you
CD should not publish these kind of comments. They are uneducated and biased people. In Islam does not teach to kill someone from any religion. They are trying to give bad name to Islam, which they cannot.
Dear SDPI Fan,
SDPI or PFI is doing very good job in Saudi Arabia. They are doing social work for the needy people for all the religion, which is commendable. Nevertheless, in India some people are doing totally revers and against Islamic activities in the name of SDPI.
Thanks for the impartial report. That’s why we love CD. Don’t fear anyone. And don’t care the foul mouthed people. Prophet Muhammad (s) has declared that foul mouthed people are munafiqs.
I would like to meet the parents of the SDPI fan who wrote a comment in Kannada here and ask them how do they bring up children. So far I thought that only Sangh Parivar’s social media army can use such an ugly, cheap and unhygienic language. Now I am convinced that there is no religion party for foul-mouthed urchins.
He is definetly not a madrasa product. He must be a bus stand toilet product. From the beginning to end he has written only shit. I think he is an expert in writing comments on toilet walls in bus stands and trains. God knows whether parents teach them basic manners or not.
Dear SDPI fan. Your anger is on CD! Then why are you murdering Kannada language?
Very nice language..! I think you must be a Madrasa product! Kindly let me know in which Madrasa you studied all these glorious Islamic words?
ಸಂಘಿಗಳ ಪೋಸ್ಟ್ ಕಾರ್ಡಿಗೆ ಸಡ್ಡುಹೊಡೆದ ಶಿಖಂಡಿ "ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್"!!
ಮಾನಗೇಡಿ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಎಂಬ ನಾಮರ್ಧರ ಜಾಲ ತಾಣವೊಂದು ಕೇರಳದ ಆರೆಸ್ಸೆಸ್ ಭಯೋತ್ಪಾದಕನೊಬ್ಬ ಜನವರಿ ಮೊದಲ ವಾರದಲ್ಲಿ ಅಯ್ಯೂಬ್ ಎನ್ನುವ ಬಸ್ ಡ್ರೈವರ್ ಒಬ್ಬನನ್ನು ವಿದ್ಯಾರ್ಥಿಗಳ ಮುಂದೆಯೇ ಎಳೆದು ಹಾಕಿ ಎರಡು ಕೈ ಹಾಗೂ ಕಾಲನ್ನು ಕತ್ತರಿಸಿ ಹಾಕಿ ತನ್ನ ಬರ್ಬರ ಭೀಕರತೆಯ ಭಯೋತ್ಪಾದಕತನ ಮೆರೆದಿತ್ತು. ಆದರೆ ಈ ಸುದ್ದಿ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಎಂಬ ಆರೆಸ್ಸೆಸ್ಸಿನವರ ಮೂತ್ರ ಹಾಗೂ ಕಕ್ಕ ತಿನ್ನುತ್ತಲೇ ದಿನದೂಡುವ ಈ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಗೆ ಇದು ಸುದ್ದಿಯಾಗಲೇ ಇಲ್ಲ. ಆದರೆ ಅಯ್ಯೂಬ್ ಮೇಲಿನ ಹತ್ಯಾ ಯತ್ನಕ್ಕೆ ಪ್ರತೀಕಾರವೆಂಬಂತೆ ಅಯ್ಯೂಬ್ ಮೇಲೆ ದಾಳಿ ಮಾಡಿದ ಮುಖ್ಯ ಆರೋಪಿ ಆರೆಸ್ಸೆಸ್ಸಿನ ಭಯೋತ್ಪಾದಕ ಶ್ಯಾಮ್ ಪ್ರಸಾದ್ ನನ್ನು ನಾಲ್ವರ ತಂಡ ಹತ್ಯೆ ಮಾಡಿತ್ತು. ಬಿಜೆಪಿಗರ ಕಕ್ಕ ತಿಂದು ಕೊಬ್ಬಿರುವ ಈ ಪೋಸ್ಟ್ ಕಾರ್ಡ್ ನ ಅಪರಾವತಾರ ಡಬ್ಬಾ ಡೈಜೆಸ್ಟ್ ಗೆ ಇದೊಂದು ದೊಡ್ಡ ಸುದ್ದ್ದಿಯಾಗಿತ್ತು. ಇರಲಿ ಬಿಡಿ. ನಂತರ ಇದಕ್ಕೆ ಪ್ರತೀಕಾರವಾಗಿ ಆರೆಸ್ಸೆಸ್ ಭಯೋತ್ಪಾದಕರ ತಂಡ ಪ್ರದೇಶದ ಕೆಲ ಮುಸ್ಲಿಂ ಮನೆಗಳ ಮೇಲೆ ದಾಳಿ ಮಾಡಿ ನಗ ನಗದು ದೋಚಿಕೊಂಡು ಹೋಗಿತ್ತು. ಇದು ಇಲ್ಲಿನ ಯಾವುದೇ ಮಾಧ್ಯಮಗಲಲ್ಲಿ ಬಂದಿರಲಿಲ್ಲ. ಇದನ್ನು ಕನ್ನಡದ ವೆಬ್ ಪೋರ್ಟಲ್ ಒಂದು ವರದಿ ಮಾಡಿತ್ತು. ನಂತರ ಎಚ್ಚೆತ್ತುಕೊಂಡ ಈ ನಮಕ್ ಹರಾಂ ಸಂಘಿಗಳ ಕಕ್ಕ ತಿನ್ನುವ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಎನ್ನುವ ಶಿಖಂಡಿಗಳ ಪೋರ್ಟಲ್ , ಆ ಘಟನೆಯನ್ನೂ ಆರೆಸ್ಸೆಸ್ ನವರ ಕೃತ್ಯವನ್ನು ಜನರಿಗೆ ತಿಳಿಸಲು ಉಪಯೋಗಿಸದೆ, ಅಲ್ಲೂ ಚಡ್ಡಿಗಳನ್ನು ಸಂತೋಷಪಡಿಸಲು ಎಸ್ ಡಿ ಪಿ ಐ ಯನ್ನು ದೂರುತ್ತಾ ತನ್ನ ನಾಯಿ ಬುದ್ಧಿ ತೋರಿಸಿತು.
Enchinambe? any secret message u sent? plz send it to me through whatsapp if CD doesnt post!
WHERE IS MY REPLY/COMMENT? NO GUTTS TO POST THAT? FEAR OF PEOPLE WILL COME TO KNOW YOUR TRUE COLOUR ? DO YOU WANT TO POST MY MOBILE NUMBER? come on show the journalims ethics now, I dint post anything abnormal things,... post it. Else anyway we have whatsapp to circulate this...
My dear Confused Reader aliyaas Coastal Digest ......Yes he might got such education from certain communal group But what you got from terrorist sangh parivaar? why you are eating shit of RSS Mr. Coastal Digest aliyaas Confused Reader ? You asked whats wrong in yur report? am asking whats right there in your report? Do you know whats journalism ethics? Just making happy and creating some rooms to the political party for which your CDs owner suports ? Shame on you man. Do you know why and how this things are started? One Mr. Ayyub who is attacked by RSS terrorists in first week of January. Sanghis chopped out his 2 legs and 2 hands. But where was your report on that? Did u report it? No, right? After killing Shyam Prasad u reported first report, as a following report u again blamed SDPI by saying its a retaliation attack on 'shyam Prasad !!. After RSS attack on muslim houses were not reported inCD till one Kannada web portal reports it. Later u also reported by blaming again on SDPI !! What you are getting from Sanghis if you are blaming SDPI? Do you think this is the journalism, my foot. Thats not joiurnalism. That called as "PIMP JOURNALISM".... Mind it. Now dont come out one more name of "Confused Reader", come out with original name, Coastal Digest. have some shame
In Kannur Sangh parivar and Left groups have been indulging in bloodshed for decades. Now SDPI also entered the fray. Very bad development. saffron groups will seize the opportunity to attack innocent Muslims.
My dear hurt reader! Is there anything wrong in report? If there is something wrong please point out. The report clearly says that RSS men targeted innocent Muslims after SDPI men killed a ABVPI activist. By the way how can u call entire community manuvadi? I think you have received poisonous education from certain communal groups. Please educate yourself.
Shocked to see such a low level repot on a news portal like coastaldigest.com, of which I was a fan so far. How can you blame SDPI if RSS goons attack innocent Muslim families? I think CD team is full of chaddi sanghis. The contact us page of CD also shows the name of a woman from manuvadi community. Where the CD is heading?
This is too much by safron groups targeting one comunity people
Add new comment